Please let me know calculation of interest on TDS if we are going to pay TDS on dated 15.5.11 for the month of April2011.
[ 1.5% per month -----TDS amount 50000/-
Then interest should be750* 8days / 30days = 200/- { late payment for 8 days }
Please let me know the above calculation if correct
Interest will be 750/- in your case...........
(1.5% per month or PART OF THE MONTH)
Interest on TDS is not in any case under any circumstances charged for part of month.
If u fail to deposit TDS on specified due dates , then u have to pay Interest @ 1.5% P.M even if delay is part of month.........Means if u delay to deposit TDS even for 1 month then pay 1.5% P.M
In case of urs pay Rs.750/- .
Interest on TDS 750
interest will be 750 rupees
CAclubindia
